[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR30.40]



[Page 310]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 30_CIVIL MONEY PENALTIES: CERTAIN PROHIBITED CONDUCT--Table of 

Contents

 

                          Subpart B_Violations

 

Sec.  30.40  Loan guarantees for Indian housing.



    (a) General. The Assistant Secretary for Public and Indian Housing 

(or his/her designee) may initiate a civil money penalty action against 

any mortgagee or holder of a guarantee certificate who knowingly and 

materially violates the provisions of 12 U.S.C. 1715z-13a(g)(2) 

concerning loan guarantees for Indian housing.

    (b) Continuing violation. Each day that a violation continues shall 

constitute a separate violation.

    (c) Amount of penalty. The maximum penalty is $6,000 for each 

violation, up to a limit of $1,250,000 for all violations committed 

during any one-year period. Each violation shall constitute a separate 

violation as to each mortgage or loan application.



[61 FR 50215, Sept. 24, 1996, as amended at 65 FR 9087, Feb. 23, 2000; 

68 FR 12788, Mar. 17, 2003]